Standard Chartered Hong Kong opens digital branch

Bridging the online and offline worlds, Standard Chartered has opened what it calls its first 'digital branch' in Hong Kong.

Before they even enter the branch, customers are greeted with a giant TV broadcasting the latest financial information.

Once inside, customers can scan QR codes on an 'iWall' with their phones to get information about the bank's products and services. A virtual queuing system lets visitors take a ticket and move around the branch while waiting to be served, while an interactive desk has staff demonstrating mobile apps and online services.

Standard Chartered says that the use of technology is helping it go green by cutting back on paper. Employees introduce products and services using digital platforms such as interactive projectors, and customers sign up for products with e-signature pads.

Benjamin Hung, CEO, Standard Chartered Hong Kong, says: "With the innovative technology and user-friendly features at this digital branch, simple banking services can now be done through digital channels and transactions are settled more efficiently."

Comments: (2)

I'm afraid there's a major, major disconnect here with consumer behavior. There is still an overriding sense of process curtailing innovation, not seamless service that works to improve customer interactions. Today if I go to StandardChartered.com.hk I still
have to submit at least 3 documents manually before I can open an account or apply for a credit card - this is not progress.

We have to get out of the mindset that branch revenue is better because the PROCESS and data collection is preferred by compliance - that is not a value add. Until we do, new branch designs like this are just re-arranging deck chairs on the Titanic

I went through a double coincidence w.r.t StanChart in the past half hour:

I completed an online application for a StanChart credit card. I heaved a sigh of relief when I reached the documentation section of the application.
I didn't have to fumble around scanning and uploading several pages of required documents on to their website. They're going to send a person over to my house to collect all that in hard copy form. I found this to be a good example of omnichannel banking -
do on the web what the web is strong at, do face to face what face to face is strong at.

I just read this articleabout SQUARE's approach to product design: "At Square, ..., the goal is not necessarily to supplant
the tools we use on a daily basis, but to make them more useful. The original Square device, for example, didn’t bundle in NFC for wireless payments, but instead made accepting (plastic) credit cards easier. This approach — to augment and reshape our current
technology rather than replace it - has thus far been working for Square."

StanChart's approach resonates well with SQUARE's and I'm sure it will work as well for StanChart as it has for SQUARE.